Mitsubishi Heavy Industries Ltd. said Thursday it will buy the small- and medium-size gas turbine business of U.S. aeroengine maker Pratt & Whitney to further strengthen its energy business. The move comes after Mitsubishi Heavy recently announced a merger of its thermal power generation business with that of Hitachi Ltd. to increase its international competitiveness.
Pratt & Whitney is selling its turbine business in order to better focus more on its core aerospace and commercial businesses. Terms of the sale of the Power Systems segment to Mitsubishi Heavy Industries were not disclosed Wednesday, but the deal is expected to close in the second quarter of 2013.
A bankruptcy judge on Tuesday approved the sale of most of the assets of failed battery maker A123 Systems Inc. to the U.S. arm of Chinese auto parts conglomerate Wanxiang Group Corp. for nearly $257 million. In asking Judge Kevin Carey to approve the sale, attorneys for A123 noted that the winning bid submitted by Wanxiang America Corp. last week was more than double an initial $125 million offer.
Germany's vice chancellor has sharply criticized General Motors Co. over its decision to end car production at a German plant, arguing that the U.S. automaker was wrong to keep its European unit out of lucrative overseas markets. GM's Opel subsidiary said Monday it will stop making cars at Bochum, one of four German factories, in 2016 — though the plant may continue to make components.
General Motors Co.'s Opel unit said Monday that it plans to end car production at one plant in Germany in 2016, but a slimmed-down factory may continue to make components. Employees at the Bochum plant in northwestern Germany, one of four in the country, were told that vehicle production will end when the company stops making the current Zafira model.
Bankrupt battery maker A123 Systems Inc. said it will sell most of its assets to the U.S. arm of Chinese auto parts conglomerate Wanxiang Group Corp. for $256.6 million. Wanxiang America Corp. won an auction conducted under the supervision of the U.S. Bankruptcy Court for the District of Delaware.
The head of American Crystal Sugar Co. said Thursday that the company is still willing to negotiate with locked-out factory workers, but he didn't think it was a good idea to let them parade around at the company's annual shareholders meeting.
The factory where 112 garment workers died in a fire should have been shut down months ago. The fire department refused to renew the certification it needed to operate, a top fire official told The Associated Press. And its owner told AP that just three of the factory's eight floors were legal. He was building a ninth.
France's prime minister announced on Friday that there would be no layoffs at a blast furnace site that has become a symbol for maintaining jobs in a tough economic climate. Instead, steel company ArcelorMittal has promised a €180 million ($233.75 million) investment and the government will modernize it with an eco-friendly project.
Hostess Brands Inc. got final approval for its wind-down plans in bankruptcy court Thursday, setting the stage for its iconic snack cakes to find a second life with new owners — even as 18,000 jobs will be wiped out. The company said in court that it's in talks with 110 potential buyers for its brands, which include CupCakes, Ding Dongs and Ho Hos.
Mississippi taxpayers may have only an empty Senatobia building and solar panel equipment to show for $26 million in loans to Twin Creeks Technologies. The California-based solar technology firm is liquidating and a company that bought Twin Creeks' assets won't take over its agreement with Mississippi. Twin Creeks had agreed to invest at least $132 million and create at least 500 jobs in exchange for loans, tax breaks and other aid.
The owner of a Bangladesh clothing factory where a fire killed 112 people says he was never informed the facility was required to have an emergency exit, a sign of how far removed the leaders of the nation's garment industry are from issues of worker safety.
A freak tornado struck a steel plant in southern Italy on Wednesday just days after its owners announced their intention to close what is Europe's largest steel facility. One person was reported missing and some two dozen were injured when the tornado struck Wednesday, the ANSA news agency said, adding that the Ilva plant sustained significant damage.
A Minnesota company has selected a northern Indiana site for an iron ore pellet plant costing up to $350 million to build. Magnetation announced Tuesday it would build the plant at the White County town of Reynolds where construction of a VeraSun ethanol plant was suspended five years ago.
A U.S. judge is giving final approval for Chinese auto-parts maker Wangxiang Group to provide $50 million in bankruptcy financing for battery maker A123 Systems. A123, which makes lithium ion batteries for electric cars, sought bankruptcy protection last month after receiving more than $130 million of a $249 million Department of Energy grant it was awarded.
Many European countries with lagging economies are trying to draw in foreign investors. But in France, a Socialist minister says he wants to kick the world's biggest steel maker out of the country, accusing it of lying to the government.
Twinkies, Ho Hos, and Wonder Bread are up for sale now that a bankruptcy judge cleared the way for Hostess to fire 18,500 workers and wind down operations. A last-ditch effort to end a strike with Hostess' bakers union failed and Judge Robert Drain approved the company's request to shut down its business and sell the pieces to the highest bidder.
Hostess Brands Inc., the maker of Twinkies and other snack cakes, said late Tuesday that it failed to reach an agreement with its second-biggest union. As a result, Hostess plans to continue with a hearing on Wednesday in which a bankruptcy court judge in White Plains, New York, will decide if the company can shutter its operations.
The tasty cream-filled golden spongecakes known as Twinkies won't die that easily after all. Hostess Brands Inc. and its second largest union will go into mediation to try and resolve their differences, meaning the company won't go out of business just yet. The news came Monday after Hostess moved to liquidate and sell off its assets in bankruptcy court citing a crippling strike last week.
A bankruptcy judge sided Monday with a group of current Hawker Beechcraft customers who balked at a move by the Kansas plane maker to immediately sell off its inventory of discontinued Hawker 4000 jet aircraft at substantial discounts as part of the company's bankruptcy proceedings.
Lamborghini CEO Stephan Winkelmann says the automaker will decide in coming months whether to join other luxury brands and expand into all-terrain sports utility vehicles. Winkelmann said Wednesday that Lamborghini needs to consider the impact of higher SUV volumes on its facilities and where to invest its resources during an economic crisis.
The fate of a tax credit that advocates say is needed to maintain tens of thousands of wind energy jobs will be decided during high-stakes, last-minute negotiations between President Obama and House Republicans over fiscal issues, officials said Tuesday.
The phones had been expected late this year. The delay means the phones will miss the holiday shopping season and come months after the launch of a new iPhone. The delay could make it even harder for RIM to regain market share lost to Apple's iPhone and devices running Google's Android operating software.
Osamu Suzuki, president and chairman of Suzuki Motor Corp., said Monday his company aims to produce 100,000 vehicles at its new plant in the eastern Thai province of Rayong in 2016. "This facility will complement a plant in Indonesia as a major foothold in Southeast Asia," Suzuki said at the opening ceremony of the Thai plant.
An explosion and fire at a manufacturing plant outside Montreal killed two people Thursday, authorities said. The blast could be heard for miles and 19 others were hospitalized, some with severe burns. The two victims were found in the rubble of the decimated processing plant. The blast at the Sherbrooke, Quebec facility led to the fire, said police spokesman Rene Dubreuil.